Asian tech stocks tumble after SK Hynix drops over 8%
Asian tech stocks took a big hit after SK Hynix shares dropped over 8%, while wider losses across the sector were driven by Wall Street losses and concerns over further US interest rate hikes.
The main worry? Possible US interest rate hikes, which could make borrowing more expensive and slow down the huge investments needed for new AI projects.
Samsung Electronics and LG Innotek fall
The sell-off didn't stop with SK Hynix: Samsung Electronics fell 7.1%, while LG Innotek sank 8.1%, Seoul Semiconductor shed 7.7%, and Samsung SDI declined 6.8%.
Japanese technology investment giant SoftBank Group and semiconductor testing equipment maker Advantest weren't spared either.
This all echoed what's happening on Wall Street, where US tech stocks have been sliding too thanks to stubbornly high inflation numbers.